Reuters reported that the US Commerce Department said that in February, retail sales had dropped 0.2 percent, instead of the 0.3 rise forecasted. The department said that households cutting back on purchases of furniture, clothing, food and electronics and appliances, as well as building materials and gardening equipment were the chief reason for the decline. On the other hand, the Commerce Depart...Read More
PERTH (miningweekly.com) – Africa-focused Lucapa Diamond Company has recovered its fifth diamond larger than 50 ct from the Mothae operation, in Lesotho, since commercial production started in January.The recovery of the top-colour 55 ct stone was recovered only shortly after the recovery of a 128 ct diamond from Lucapa’s Lulo alluvial operation, in Angola, earlier this year.Advertisem...Read More
Alrosa, the Russian diamond miner, held its first rough diamond auction in New York this year, selling stones of 10.8 carat and up. The total revenue from the auction amounted to $11.8 million. The company sold 107 stones at a total weight of 1,900 carats. Over 30 firms from the chief diamond trading hubs, such as the USA, Israel, Belgium, India and the UAEm, participated in the auction. "We held...Read More
Following long months without a captain at the helm, the giant fashion jewelry company Pandora hopes to see the newly appointed President and CEO, Alexander Lacik steer the ship into more profitable lanes. But this week, the company announced that its Chief Operating Officer, Jeremy Schwartz, had announced his immediate resignation. The year 2018 was an awful year for Pandora. The sto...Read More
On April 1, American Gemological Laboratories celebrated its tenth anniversary under Christopher Smith's management. When he stepped into the shoes of Cap Beasly in 2009, he had a team of six gemologists and a lab in dire need of new clients. "We are now a team of thirteen,' Smith said. "It is a matter of great pride to see the company growing, embracing a good value system and achieving more...Read More
Eurostar Diamond Traders, one of the largest diamond companies in Antwerp - and in the world - is bankrupt, the Dutch-language daily De Tijd reported. According to reports, the company has outstanding debts of more than $500 million. Founded in 1978, its principal, Kaushik Mehta, built Eurostar into a giant, global corporation. The company expanded worldwide, setting up offices in Botswana, China...Read More
RAPAPORT... A rare oval diamond sold for nearly $14 million at Sotheby'sin Hong Kong Tuesday, beating its high estimate. The oval brilliant-cut, 88.22-carat, D-color, flawless, typeIIa stone is one of only three oval diamonds over 50 carats offered in auctionhistory, Sotheby's said. The hammer went down on it at $13.8 million, or $156,150 per carat, at theMagnificent Jewels and Jadeite sale....Read More
RAPAPORT... Tiffany & Co. has launched a marketing campaign for its new bridal line, Tiffany True.The jeweler unveiled the new ring design in September, and is now pushing the product with a video commercial. It features three couples wearing the engagement rings during private moments, set to Lady Gaga's song "Is That Alright?" from her Oscar-winning movie A Star is Born.Tiffany Tru...Read More
The World Federation of Diamond Bourses (WFDB) has welcomed overall the changes by the Gemological Institute of America (GIA) to its reports for lab-grown diamonds. The GIA said its reports will be changed to come into line with revisions to the U.S. Federal Trade Commission (FTC) Jewelry Guides announced last year. As reported earlier, of July 1, the GIA will discontinue the GIA Synthetic Diamon...Read More
LONDON – The UK’s financial regulator added a small diamond pricing firm to its roster of companies managing market benchmarks, opening the way to making the precious stones a more investable asset.The Financial Conduct Authority has authorized U2 Diamond Prices as a benchmark administrator, joining firms such as FTSE International and ICE Benchmark Administration The move will allow...Read More
RAPAPORT... The Central African Republic (CAR) is trying to entice large diamond-mining companies to set up operations in thecountry, as part of its effort to reform the sector and meetKimberley Process (KP) regulations. The government has already contacted both De Beers andAlrosa, President Faustin-Archange Touadera said in a speech to the Antwerp trade Monday. Allowing established companies...Read More
Russian state-controlled miner Alrosa, the world's biggest producer of rough diamonds in carat terms, raised $11.8 million in its first New York diamond auction of the year, as it seeks to increase its activity in the United States.Rebecca Foerster, president of Alrosa, North America, said sanctions against some Russian companies did not diminish the appeal of Russian high quality diamonds.Alrosa...Read More
RAPAPORT... Retail sales of jewelry and other luxury items declined inHong Kong in February, impacted by weakened consumer sentiment and the timingof the Lunar New Year. Revenue from jewelry, watch, clocks and other valuable giftsfell 10% year on year to HKD 7.25 billion ($923.1 million) for the month, the municipality'sCensus and Statistics Department reported Monday. Sales in all retailcate...Read More
RAPAPORT... Hong Kong-based jeweler Chow Sang Sang saw a 13% rise insales in 2018, amid improved consumer sentiment and a spike in gold demand inthe first half of the year. Group sales came to HKD 18.81 billion ($2.40 billion) forthe year, as revenue from jewelry retail increased 18% to HKD 17.13 billion($2.18 billion). Proceeds from other businesses, including property, fell 21%to HKD 1.68 b...Read More
RAPAPORT... De Beers will allow its sightholders to disclose sourceinformation on diamonds they purchase from the company, after unveiling its "diamonds from DTC" program Monday. "We are proud of where our diamonds are discovered, how werecover them responsibly and the role our activities play in building thrivingcommunities," said De Beers CEO Bruce Cleaver. "By enabling our customers t...Read More
RAPAPORT... Gem Diamonds has unearthed a 134-carat yellow, the second significant colored diamond it has found this year. It discovered the high-quality, type I stone on March 31 at its Let??engmine in Lesotho, the company said Sunday. The last yellow-diamond of that magnitude the miner reported on was a 151.52-carat stone, which it retrieved in June 2017. In March, Gem Diamonds sold a pink...Read More
RAPAPORT... Initiatives in Art and Culture (IAC) will present FerielZerouki with its award for leadership in responsible practice in jewelry. The honor is bestowed annually on members of the jewelryindustry, or part of a jewelry-focused organization, that have made atransformational contribution to ethical sourcing and responsible practice inthe global trade, IAC said last week. Zerouki, De...Read More
(IDEX Online News) - In general, for rounds March was all about reversing the trends of February, when the market dared a little, only to be whistled back in March. Parallel to trends in the previous month, prices of round diamonds under a carat remained rather stable, with a few goods, especially in the higher colors and clarities, losing a few percent. Prices of goods between 80 points and a c...Read More
Macau's Executive Council announced during a press conference at Government Headquarters earlier this month that its government has drafted and submitted a bill that, when approved by lawmakers, would open the way for Macau to join the Kimberley Process Certification Scheme (KPCS). Once accepted, Macau could then import and export rough diamonds. According to a government spokesperson, the bi...Read More
Representatives of the Antwerp World Diamond Centre (AWDC) accompanied King Filip of Belgium on a state visit to South Korea. During the state visit, Golden Dew, one of Korea's largest jewelry brands, launched three special cuts it developed together with Antwerp diamond companies. During the visit in March, three special diamond cuts were presented to the general public in the presence of the Kin...Read More